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Monday, August 19, 2019

Active Outflows Disappear As Passive Inflows Fall

Reported by Neil Anderson, Managing Editor

Active funds swung to slight net inflows last month, while passive funds' net inflows fell. And for the first time since February, a certain low-cost leviathan led both sides of the pack.

Mortimer J. "Tim" Buckley
President, CEO
This article draws from Morningstar Direct data on July 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

On the active side of the mutual fund business, Vanguard regained the lead last month, with estimated net July active inflows of $3.186 billion, up from $1.506 billion in net active outflows in June. Other big July winners included: Pimco, $2.839 billion (up from $2.186 billion); Lord Abbett, $1.476 billion (up from $941 million); Morgan Stanley, $1.451 billion (up from $1.113 billion); and Baird, $1.439 billion (up from $906 million).

Vanguard also regained its lead on the passive last month, with estimated net July passive inflows of $11.704 billion, down from $14.634 billion in June. Other big July winners included: SSgA, $8.156 billion; Fidelity, $4.644 billion (up from $2.327 billion); Schwab, $2.828 billion (up from $2.377 billion); and Invesco, $1.622 billion (up from $1.403 billion).

On the flip side, July was a rough month for Invesco's active funds, which suffered estimated net outflows of $4.122 billion, more than any other active fund firm and up from $3.173 billion in June. Other big July sufferers included: Fidelity, $2.299 billion (up from $984 million); Franklin Templeton, $1.484 billion (down from $1.961 billion); Harris' Oakmark, $1.206 billion (down from $1.448 billion); and John Hancock, $929 million (up from $872 million).

BlackRock suffered an estimated $3.41 billion in net passive outflows in July, more than any other passive fund family and down from $34.404 billion in net June inflows. Other big July sufferers included: Milleis Investissments Funds, $718 million (down from $187 million in net inflows); Rafferty's Direxion, $570 million (down from $1.063 billion); UBS, $478 million (down from $21 million in net inflows); and Voya, $307 million (from $42 million).

Industrywide, 719 active fund families (the same as in June) brought in an estimated $158 million in combined net inflows in July, up from $22.349 billion in net June outflows. 311 of those 719 fund families gained net active inflows in July.

142 passive fund families (down four from June) brought in a combined $26.54 billion in net estimated July inflows, down from $68.599 billion in June. 74 of those 142 families gained net passive inflows in July. 

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